Inside the Federal Court, the businessman denied giving personal instructions to Queensland Nickel while he was not a director, saying he was acting on behalf of the parent companies.

Tom Sullivan QC asked about emails from the "Terry Smith" account, operated by Mr Palmer, which approved QNI entering into contracts for services and commodity sales.

Mr Palmer repeatedly claimed privilege, and said the approvals were directions from the whole joint venture owners committee (the parent companies), not just him.

Mr Palmer could not recall authorising anyone else to use the Terry Smith email account.

Mr Palmer was also asked if he regularly gave directions to QNI executives by phone throughout 2015.

He responded:

"I made directions from 2009 with the authority of the joint venture owners committee. They weren't my directions, they were on behalf of the joint venture operating committee."

Mr Palmer said he was a federal MP at the time, and that was his "prime obligation".

Mr Palmer said he had spoken to his nephew and former Queensland Nickel managing director Clive Mensink in recent days, but did not know when he would be returning from overseas to face questions about the company's demise.

He said he "wasn't aware" if any of his entities were paying for Mr Mensink's overseas trip.

Queensland Nickel debt 'trivial'

Mr Palmer described Queensland Nickel's debts late last year as "trivial".

Mr Sullivan suggested Mr Palmer knew Queensland Nickel had a "systemic cash flow problem" by early September 2015, and referred to a graph showing the company's deferred debts (debts currently owing) had increased from $9 million to about $13 million in a week.

But Mr Palmer said in the context of QNI's $600 million of turnover, this was a small amount of money.

The court has heard Mr Palmer personally approached the big four banks for a $25 million overdraft, but was knocked back.

When Mr Sullivan suggested he sought finance because QNI could not afford to pay its debts, Mr Palmer said it was "just bullshit".

"Most companies go to their banks regularly to raise money in Queensland," he said.

But Mr Sullivan disputed it was ordinary business.

"These are meetings which you personally attended where there were Powerpoint presentations produced for each of the banking entities, and you went to all four banks at once. That's not the normal situation is it?" he asked.

"Well I don't know," Mr Palmer replied.

Mr Palmer said management was being "prudent" by going to the banks early, and it was motivated by its "high responsibility to the workforce".

When Mr Sullivan asked if every one of those banks had rejected finance, Mr Palmer replied: "On instructions from the Prime Minister, that's right."

Palmer claims no knowledge workers were about to be sacked

When asked about his knowledge of insolvent trading, Mr Palmer said he had "read about it in books".

He said he could not recall being given advice in 2012 about director's duties under the Corporations Act regarding conflicts of interest, acting in good faith, and improperly using position.

"I don't, but I was not a director of Queensland Nickel in the period you're referring to, simple as that," he said.

When asked what advice he had received about liability for insolvent trading, he replied: "I didn't have any understanding of that issue. I wasn't a director of any company in the latter part of 2015."

Mr Palmer also denied knowing 200 refinery workers would be laid off before it happened on January 15.

"I didn't even know they were going to be redundant before that time," he said.

When Mr Sullivan reminded Mr Palmer he was under oath, he said he knew the company had to cut costs, but it was not his decision to lay off workers.

The court later heard Mr Palmer had texted Queensland Nickel executive Ian Ferguson asking for a list of workers being considered for redundancy in late December, and he was emailed 250 names with details of entitlements they were owed.

Mr Palmer suggested he was sent the information to entice him into putting up more of his own money to stop the company from going under.

But when asked who he had discussed this with, Mr Palmer said he could not recall.

When asked why QNI executives believed he might put up more of his personal assets, Mr Palmer replied: "It was generally known I was a wealthy person — I only have to walk downstairs and someone will ask for money."